甲骨文 (ORCL) 2026 Q2 法說會逐字稿

Hello, and thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the Oracle Corporation Q2 FY26 earnings call. (Operator Instructions)

您好，感謝您的耐心等待。我叫蒂芬妮，今天我將擔任你們的會議接線生。在此，我謹代表甲骨文公司歡迎各位參加2026財年第二季財報電話會議。（操作說明）

I would now like to turn the call over to Ken Bond, Head of Investor Relations. Sir, please go ahead.

現在我將把電話交給投資者關係主管肯邦德。先生，請繼續。

Thank you, Tiffany. Good afternoon, everyone, and welcome to Oracle's second-quarter fiscal year 2026 earnings conference call. On the call today are Chairman and Chief Technology Officer, Larry Ellison; Chief Executive Officer, Mike Sicilia; Chief Executive Officer, Clay Magouyrk; and Principal Financial Officer, Doug Kehring.

謝謝你，蒂芙尼。各位下午好，歡迎參加甲骨文公司2026財年第二季財報電話會議。今天參加電話會議的有：董事長兼首席技術官拉里·埃里森；首席執行官邁克·西西利亞；首席執行官克萊·馬古伊爾克；以及首席財務官道格·凱林。

A copy of the press release and financial tables, which includes a GAAP to non-GAAP reconciliation, other supplemental financial information and a list of many customers purchased Oracle Cloud Services or went live on Oracle Cloud recently will be available from our Investor Relations website.

新聞稿和財務報表的副本（包括 GAAP 與非 GAAP 的調整表、其他補充財務資訊以及近期購買 Oracle 雲端服務或上線 Oracle 雲端的眾多客戶名單）將在我們的投資者關係網站上提供。

As a reminder, today's discussion will include forward-looking statements, and we will discuss some important factors relating to our business. These forward-looking statements are also subject to risks and uncertainties that may cause actual results to differ materially from statements being made today.

提醒各位，今天的討論將包含前瞻性陳述，我們將討論一些與我們業務相關的重要因素。這些前瞻性陳述也存在風險和不確定性，可能導致實際結果與今天所作的陳述有重大差異。

As a result, we caution you from placing undue reliance on these forward-looking statements and we encourage you to review our most recent reports, including our 10-K and 10-Q and any applicable amendments, and finally, we are not obligating ourselves to revise our results or these financial-looking statements.

因此，我們提醒您不要過度依賴這些前瞻性陳述，並鼓勵您查閱我們最新的報告，包括我們的 10-K 和 10-Q 報告以及任何適用的修訂版。最後，我們不承擔任何修改業績或這些財務前瞻性陳述的義務。

Before taking questions, we'll begin with a few prepared remarks. And I'll now pass the call over to Mike.

在回答問題之前，我們先做幾句事先準備好的發言。現在我將把電話交給麥克。

No, it's actually to me, Ken. Appreciate it. This is Doug.

不，其實是給我的，肯。謝謝。這是道格。

As it relates to the numbers we are about to present, the following apply to both the results for Q2 and to our guidance for Q3. First, we'll be discussing our financials using constant currency growth rates as this is how we manage the business. Second, we'll be presenting our numbers on a non-GAAP basis, except where we indicate otherwise. Finally, as it relates to currency, it had a 1% positive impact on revenue and $0.03 positive impact on earnings in Q2.

就我們即將公佈的數據而言，以下內容既適用於第二季業績，也適用於我們對第三季業績的預期。首先，我們將使用固定匯率成長率來討論我們的財務狀況，因為這是我們管理業務的方式。其次，除非另有說明，否則我們將以非GAAP準則列示我們的財務資料。最後，就貨幣而言，它對第二季度的收入產生了 1% 的積極影響，對收益產生了 0.03 美元的積極影響。

For Q3, assuming currency exchange rates remain the same as they are now, currency should have a 2% to 3% positive effect on revenue and have a $0.06 positive effect on EPS depending on rounding.

對於第三季度，假設匯率保持不變，貨幣因素應該會對收入產生 2% 至 3% 的正面影響，並對每股盈餘產生 0.06 美元的正面影響（具體金額取決於四捨五入）。

In terms of the results for Q2, we had another excellent quarter of execution. Remaining performance obligations, or RPO, ended the quarter at $523.3 billion, up 433% from last year and up $68 billion since the end of August, driven by contracts signed with meta, NVIDIA and others as we continue to diversify our customer backlog. RPO expected to be recognized in the next 12 months grew 40% year over year compared with 25% last quarter and 21% last year.

就第二季業績而言，我們又迎來了一個執行力極佳的季度。剩餘履約義務（RPO）在本季度末達到 5233 億美元，比去年同期增長 433%，比 8 月底增長 680 億美元，這主要得益於我們與 meta、NVIDIA 等公司簽訂的合同，我們將繼續努力使客戶積壓訂單多樣化。預計未來 12 個月內確認的 RPO 年增 40%，而上一季為 25%，去年同期為 21%。

Total cloud revenue, which includes both applications and infrastructure, was up 33% at $8 billion representing a significant acceleration from the 24% growth rate reported last year. Cloud revenue now accounts for half of Oracle's overall revenue.

包括應用程式和基礎設施在內的雲端總收入成長了 33%，達到 80 億美元，較去年報告的 24% 的成長率大幅加快。雲端業務收入目前佔Oracle總營收的一半。

Cloud infrastructure revenue was $4.1 billion, up 66% with GPU-related revenue growing 177%. Oracle's cloud infrastructure businesses continue to grow much faster than our competitors. Cloud database services revenue was up 30% with autonomous database revenue up 43% and multi-cloud consumption up 817%.

雲端基礎設施收入為 41 億美元，成長 66%，其中 GPU 相關收入成長 177%。Oracle的雲端基礎設施業務持續高速成長，遠超競爭對手。雲端資料庫服務收入成長 30%，自治資料庫營收成長 43%，多雲消費成長 817%。

Cloud applications revenue was $3.9 billion and up 11%. Our strategic back-office applications revenue was $2.4 billion and up 16%. As we finish combining our industry-based cloud apps and our Fusion cloud apps under one selling organization in each region across the world, we have been seeing increasing cross-selling synergies and that are expected to drive higher cloud applications growth rates in the future.

雲端應用營收為 39 億美元，成長 11%。我們的策略後台應用收入為 24 億美元，成長了 16%。隨著我們逐步將行業雲端應用和 Fusion 雲端應用整合到全球各地區的一個銷售組織中，我們看到交叉銷售協同效應日益增強，預計這將推動未來雲端應用成長率的提高。

All in, total revenues for the quarter were $16.1 billion, up 13% and higher than the 9% growth reported in Q2 last year, continuing our trend of accelerating total revenue growth. Operating income grew 8% to $6.7 billion.

本季總營收為 161 億美元，成長 13%，高於去年第二季報告的 9% 的成長，延續了我們總收入加速成長的趨勢。營業收入成長8%，達到67億美元。

Non-GAAP EPS was $2.26, up 51%, while GAAP EPS was $2.10, up 86%. We recognized a pretax gain of $2.7 billion in the quarter, stemming from the sale of our interest in Ampere. Turning to cash flow. Operating cash flow in Q2 was $2.1 billion, while free cash flow was a negative $10 billion and CapEx was $12 billion, reflecting the investments being made to support our accelerating growth.

非GAAP每股收益每股收益為 2.26 美元，上漲 51%；GAAP 每股收益為 2.10 美元，上漲 86%。本季我們確認了 27 億美元的稅前收益，這主要源自於出售我們在 Ampere 的股份。接下來談談現金流。第二季經營現金流為 21 億美元，而自由現金流為負 100 億美元，資本支出為 120 億美元，這反映了我們為支持加速成長而進行的投資。

As a reminder, the vast majority of our CapEx investments are for revenue-generating equipment that is going into our data centers and not for land, buildings or power that collectively are covered via leases. Oracle does not pay for these leases until the completed data centers and accompanying utilities are delivered to us.

再次提醒大家，我們絕大部分資本支出投資都用於購買資料中心內的創收設備，而不是用於土地、建築物或電力等，這些都透過租賃的方式支付。Oracle 只有在資料中心及其配套設施竣工交付給我們後才會支付租賃費用。

Rather, the equipment CapEx is purchased very late in the data center production cycle, allowing us to quickly convert cash spent into revenues earned as we provision cloud services to our contracted and committed customers.

相反，設備資本支出是在資料中心生產週期的後期才購買的，這使我們能夠迅速將投入的現金轉化為收入，因為我們向已簽約和已承諾的客戶提供雲端服務。

In terms of funding our growth, there are a variety of sources available to us throughout our debt structure in public bond, bank and private debt markets. In addition, there are other financing options through customers that may bring their own chips to be installed in our data centers and suppliers who may lease their chips rather than sell them. Both of these options enable Oracle to synchronize our payments with our receipts and borrow substantially less than those people are modeling.

在為我們的成長提供資金方面，我們可以透過公共債券、銀行和私人債務市場等多種管道，利用我們債務結構中的各種資源。此外，還有其他融資選擇，例如客戶可以自備晶片安裝到我們的資料中心，或者供應商可以租賃晶片而不是出售晶片。這兩種方案都能讓 Oracle 將我們的付款與收款同步，且借款額遠低於其他人所採用的模式。

As a foundational principle, we expect and are committed to maintaining our investment-grade debt rating.

作為一項基本原則，我們期望並致力於維持我們的投資等級債務評等。

Turning to guidance. Let me start with the impact of the added RPO that occurred in Q2 on our future results. The vast majority of these bookings relate to opportunities where we have near-term capacity available, which means we can convert the added backlog to revenue sooner. The result is we now expect $4 billion of additional revenue in FY27.

尋求指導。首先，我想談談第二季新增的 RPO 對我們未來業績的影響。這些訂單中的絕大多數都與我們近期有剩餘產能的機會有關，這意味著我們可以更快地將新增訂單轉化為收入。因此，我們現在預計 2027 財年將增加 40 億美元的營收。

Our full year FY26 revenue expectation of $67 billion remains unchanged. However, given the added RPO this quarter that can be monetized quickly starting next year. We now expect fiscal 2026 CapEx will be about $15 billion higher than we forecasted after Q1.

我們對2026財年全年營收的預期仍為670億美元。然而，考慮到本季新增的 RPO 可以從明年開始迅速變現。我們現在預計 2026 財年的資本支出將比我們在第一季後的預測高出約 150 億美元。

Finally, we are confident that our customer backlog is at a healthy level, and then we have the operational and financial strength to execute successfully. While we continue to experience significant and unprecedented demand for our cloud services, we will pursue further business expansion only when it meets our profitability requirements and the capital is available on favorable terms.

最後，我們有信心客戶訂單積壓情況良好，並且我們擁有足夠的營運和財務實力來成功執行專案。儘管我們的雲端服務需求持續大幅成長且前所未有，但只有當業務擴張能夠滿足我們的獲利要求，並且資金條件有利時，我們才會尋求進一步的業務擴張。

As it relates to specific guidance for Q3, total cloud revenue is expected to grow from 37% to 41% in constant currency and is expected to grow from 40% to 44% in USD. Total revenues are expected to grow from 16% to 18% in constant currency and are expected to grow from 19% to 21% in USD.

就第三季的具體業績指引而言，以固定匯率計算，雲端收入預計將從 37% 成長至 41%；以美元計算，預計將從 40% 成長至 44%。以固定匯率計算，總收入預計將成長 16% 至 18%；以美元計算，總收入預計將成長 19% 至 21%。

Non-GAAP EPS is expected to grow between 12% to 14% and be between $1.64 and $1.68 in constant currency and grow between 16% and to 18% and be between $1.70 and $1.74 in USD.

非GAAP每股盈餘預計成長12%至14%，以固定匯率計算為1.64美元至1.68美元；以美元計算，預計成長16%至18%，為1.70美元至1.74美元。

And with that, I'll turn it over to Clay.

接下來，我將把麥克風交給克萊。

Thank you, Doug. Our infrastructure business has grown at an accelerating 66% year over year. You are well aware of the strong demand for AI infrastructure, but multiple segments across OCI are also contributing to this accelerating growth rate, including cloud native, dedicated regions and multi-cloud.

謝謝你，道格。我們的基礎設施業務年增 66%，增速加快。您非常清楚市場對 AI 基礎架構的強勁需求，但 OCI 的多個細分市場也在推動這項加速成長，包括雲端原生、專用區域和多雲。

Our diversity of capabilities within infrastructure differentiates us from AI infrastructure NeoClouds. Our unique combination of infrastructure and applications differentiates us from other hyperscalers -- we have ambitious achievable goals for capacity delivery worldwide. OCI now operates 147 live customer-facing regions with 64 more regions planned.

我們在基礎設施方面擁有的多樣化能力使我們區別於人工智慧基礎設施NeoClouds。我們獨特的基礎設施和應用組合使我們與其他超大規模資料中心營運商區分開來——我們為全球容量交付設定了雄心勃勃且可實現的目標。OCI 目前營運 147 個面向客戶的即時區域，並計劃再增加 64 個區域。

In the last quarter, we handed over close to 400 megawatts of data center capacity to our customers. We also delivered 50% more GPU capacity this quarter than Q1. Our super cluster in Abilene, Texas is on track with more than 96,000 NVIDIA Grace Blackwell G200 delivered.

上個季度，我們向客戶交付了近 400 兆瓦的資料中心容量。本季我們的GPU產能也比第一季增加了50%。我們在德州阿比林的超級叢集進展順利，已交付超過 96,000 塊 NVIDIA Grace Blackwell G200 顯示卡。

We also began delivering AMD MI-355 capacity to customers this quarter. Our pace of capacity delivery continues to accelerate. We continue to see strong demand for AI infrastructure across training and inferencing. We follow a very rigorous process before accepting customer contracts. This process ensures that we have all the necessary ingredients to deliver to customer success at margins that make sense for our business.

本季我們也開始向客戶交付 AMD MI-355 的產能。我們的產能交付速度持續加快。我們持續看到對人工智慧基礎設施在訓練和推理方面的強勁需求。我們在接受客戶合約前會遵循非常嚴格的流程。這個過程確保我們擁有所有必要的要素，以合理的利潤率實現客戶的成功。

We analyze land and power for data center buildings component supply, including GPUs, network gear and optics, labor costs for all phases of construction and low voltage work, engineering capacity to design, build and operate revenue and profitability and capital investments required. Only when all these components come together, do we accept customer contracts, having the confidence we can deliver on schedule with the highest quality.

我們分析資料中心建築組件供應的土地和電力，包括 GPU、網路設備和光纖，所有施工階段和低壓工作的勞動力成本，設計、建造和運營的工程能力，收入和盈利能力以及所需的資本投資。只有當所有這些要素都具備時，我們才會接受客戶合同，因為我們有信心按時交付最高品質的產品。

As Doug said, this quarter, we contracted for an additional $68 billion of RPO. These contracts will quickly add revenue and margin to our infrastructure business. We continue to carefully evaluate all future infrastructure investments investing only when we have alignment across all necessary components to ensure profitable delivery for our customers.

正如道格所說，本季我們額外簽訂了價值 680 億美元的 RPO 合約。這些合約將迅速為我們的基礎設施業務增加收入和利潤。我們將繼續認真評估所有未來的基礎設施投資，只有在所有必要組成部分協調一致，以確保為客戶帶來獲利交付的情況下才會進行投資。

The holiday season is peak period for many of our retail and consumer customers. It is our responsibility at OCI deliver the most secure, highest performance and highest availability infrastructure to support these customers at the scale they need. Uber has now surpassed 3 million cores on OCI and powering their highest traffic ever this Halloween. Temu scaled to nearly 1 million cores for Black Friday and Cyber Monday.

假日是我們許多零售和消費客戶的銷售旺季。OCI 的責任是提供最安全、效能最高、可用性最高的基礎設施，以支援這些客戶滿足他們所需的規模。Uber 在 OCI 上的核心數已超過 300 萬，並在今年的萬聖節期間實現了有史以來最高的流量。在黑色星期五和網路星期一期間，Temu 的規模擴大到近 100 萬個核心。

In addition, we also supported thousands of other customers across our retail and other applications through their largest and most successful holiday period yet. OCI is constantly expanding in features and services. We recently launched Acceleron, delivering enhanced networking to all OCI customers and other services like our AI agent service.

此外，我們還透過零售和其他應用程式為成千上萬的其他客戶提供支持，幫助他們度過了迄今為止最大、最成功的假期季節。OCI 的功能和服務正在不斷擴展。我們最近推出了 Acceleron，為所有 OCI 客戶提供增強的網路功能以及其他服務，例如我們的 AI 代理服務。

However, we cannot deliver everything ourselves, and we rely on our rapidly expanding partner community to provide the best experience on OCI. We added new AI models from Google, OpenAI and AI to ensure our customers have the latest and greatest AI capabilities.

但是，我們無法獨自完成所有事情，我們需要依靠我們快速發展的合作夥伴社群來提供 OCI 上的最佳體驗。我們新增了來自Google、OpenAI 和 AI 的人工智慧模型，以確保我們的客戶擁有最新、最先進的人工智慧功能。

Our marketplace consumption has grown 89% year over year, powered by partners like Broadcom and Palo Alto. Those same partners drive OCI consumption by building their SaaS businesses on OCI. TaloAlto released their SaaS and Prisma Access platform on OCI and Cyber Region and new fold digital continue to scale their businesses rapidly.

在博通和帕洛阿爾託等合作夥伴的推動下，我們的市場消費年增了 89%。這些合作夥伴透過在 OCI 上建立 SaaS 業務來推動 OCI 的使用。TaloAlto 在 OCI 和 Cyber​​ Region 上發布了其 SaaS 和 Prisma Access 平台，新的數位平台繼續快速擴展其業務。

These partnerships make our ecosystem richer, which helps our customers, and that growth translates directly into more OCI growth as our partners build their solutions on our infrastructure. Oracle database services see increasing demand across all clouds. Multi-cloud database consumption has increased 817% year over year.

這些合作關係使我們的生態系統更加豐富，這有助於我們的客戶，而這種成長又直接轉化為 OCI 的更多成長，因為我們的合作夥伴將在我們的基礎設施上建立他們的解決方案。Oracle資料庫服務在所有雲端平台上的需求都在不斷增長。多雲資料庫消耗量較去年同期成長 817%。

We launched 11 multi-cloud regions this quarter, bringing us to 45 reasons live across AWS, Azure and GCP with 27 more planned over the next months. We see increasing customer demand with billions in identified pipeline. We launched two important programs this quarter for multi-cloud.

本季我們推出了 11 個多雲區域，使我們在 AWS、Azure 和 GCP 上的上線區域達到 45 個，未來幾個月還將推出 27 個。我們看到客戶需求不斷成長，已確定的潛在訂單金額將達數十億美元。本季我們推出了兩項重要的多雲計劃。

The first is multi-cloud universal credits, which enables customers to commit once to Oracle database services and use them anywhere in any cloud with the same price and flexibility. The second is our multi-cloud channel reseller program. which enables customers to procure Oracle database services through their preferred channel partners.

首先是多雲通用積分，它允許客戶一次購買 Oracle 資料庫服務，然後在任何雲端平台上以相同的價格和靈活性使用這些服務。第二項是我們的多雲通路經銷商計劃，該計劃使客戶能夠透過他們首選的通路合作夥伴採購 Oracle 資料庫服務。

We also launched nine services across the different clouds, such as Oracle autonomous AI lake caps. This combination of the best services, universal availability, consistent and easy pricing and procurement and partner support is accelerating the adoption of Oracle database services across our entire customer base. OCI is the only full cloud available to individual customers.

我們也在不同的雲端平台上推出了九項服務，例如 Oracle 自主 AI 湖上限。最佳服務、普遍可用性、一致且便利的定價和採購以及合作夥伴支援的組合，正在加速我們所有客戶群對 Oracle 資料庫服務的採用。OCI 是唯一面向個人客戶的完整雲端服務。

We launched Dedicated Reason 25, which provides the full capability of OCI in a tiny 3 Rack footprint. OCI is also the only cloud that enables partners to become cloud providers themselves through our alloy program, and our new footprint is available for all alloy providers. Dedicated region and alloy consumption grew 69% year over year.

我們推出了專用 Reason 25，它在僅佔用 3 個機架空間的情況下提供了 OCI 的全部功能。OCI 也是唯一一個允許合作夥伴透過我們的合金計畫成為雲端提供者的雲端平台，而且我們新的服務範圍向所有合金供應商開放。專用區域和合金消耗量年增 69%。

We launched one dedicated region for IskaGroup in Oman, and both NTT Data and SoftBank launched on alloy region each this quarter. This brings our live dedicated regions to 39 with 25 more planned.

我們在阿曼為 IskaGroup 推出了一個專屬區域，而 NTT Data 和 SoftBank 也分別在本季度推出了 alloy 區域。這使我們現有的專屬區域達到 39 個，另有 25 個正在規劃中。

In summary, the four segments of our infrastructure business are growing at incredible rates. This will contribute to a continued acceleration in our infrastructure revenue in the coming quarters. Customers are choosing OCI for its performance optimized architecture unrelenting focus on security, consistently low and predictable pricing and unmatched depth in database and enterprise integrations.

總而言之，我們基礎設施業務的四個板塊都在以驚人的速度成長。這將有助於我們在未來幾季繼續加速基礎設施收入的成長。客戶選擇 OCI 的原因在於其效能優化的架構、對安全性的不懈關注、始終如一的低廉且可預測的價格以及在資料庫和企業整合方面無與倫比的深度。

Those priorities have been our strategy from the beginning and are the driving force behind this growth. OCI is a cost state of reinvention, and you can see the value that it has for our customers. When you combine our commitment to deliver the best in performance, efficiency and security with the growing customer demand for cloud infrastructure services we are seeing, I couldn't be more excited about what's coming next.

從一開始，這些優先事項就是我們的策略，也是我們發展壯大的驅動力。OCI 是一種成本重塑狀態，您可以看到它為我們的客戶帶來的價值。當我們將我們致力於提供最佳效能、效率和安全性的承諾，與我們所看到的客戶對雲端基礎設施服務日益增長的需求結合起來時，我對接下來的發展感到無比興奮。

And with that, over to Larry.

接下來，讓我們把麥克風交給拉里。

Thank you very much, Clay. Over the years, Oracle has developed software in three important areas: database applications and the Oracle Cloud. We used AI to make our database software and our Autonomous software eliminates human labor and human error. Thus lowering operating costs and making our systems faster, more reliable and more secure.

非常感謝你，克萊。多年來，Oracle 在三個重要領域開發了軟體：資料庫應用程式和 Oracle 雲端。我們利用人工智慧技術開發了資料庫軟體，而我們的自主軟體則消除了人工勞動和人為錯誤。從而降低營運成本，使我們的系統更快、更可靠、更安全。

Now with the development of the Oracle AI database, and the Oracle AI data platform, we're bringing all three layers of our software stacked together to solve another very important problem. Enabling the latest and most powerful AI models to do multistep reasoning on all your private enterprise data while keeping that data private and secure.

現在，隨著 Oracle AI 資料庫和 Oracle AI 資料平台的開發，我們將軟體的這三層堆疊在一起，以解決另一個非常重要的問題。啟用最新、最強大的 AI 模型，對所有私有企業資料進行多步驟推理，同時確保資料的隱私和安全性。

Training AI models on public data is the largest, fastest-growing business in history. AI models reasoning on private data will be an even larger and more valuable business. Oracle databases contain most of the world's high-value private data. Oracle applications also hold huge amounts of exceptionally valuable private data.

利用公共資料訓練人工智慧模型是史上規模最大、成長最快的業務。基於私有資料進行推理的人工智慧模型將成為一個規模更大、更有價值的產業。Oracle 資料庫包含世界上大部分高價值的私有資料。Oracle 應用軟體也儲存著海量極具價值的私有資料。

The Oracle Cloud includes all the top AI models, OpenAI chat GPT, XAI rock, Google Gemini and Metalma Oracle's new database and AI data platform, but the latest versions of Oracle applications enables all of those AI models to do multistep reasoning on your database and application data while keeping that data private and secure.

Oracle 雲端包含了所有頂級 AI 模型，包括 OpenAI Chat GPT、XAI Rock、Google Gemini 和 Metalma，以及 Oracle 的全新資料庫和 AI 資料平台。最新版本的 Oracle 應用軟體可讓所有這些 AI 模型對您的資料庫和應用程式資料進行多步驟推理，同時保持資料的隱私和安全性。

All our database and application customers want to do this. because for the first time, they get a unified view of all of their data. AI models can respond to a single inquiry, by resonating across all your databases, all of your applications. By treating all of your data holistically, the combination of AI models plus the Oracle AI database and data platform, breaks down the walls that isolate and fragment your data.

我們所有的資料庫和應用程式客戶都希望這樣做，因為他們將首次獲得所有資料的統一視圖。AI 模型可以透過協調您的所有資料庫和應用程序，對單一查詢做出回應。透過對您的所有資料進行整體處理，AI 模型與 Oracle AI 資料庫和資料平台的結合，打破了隔離和分割資料的障礙。

The Oracle AI data platform makes all your data, all your data accessible to AI models, not just Oracle databases and Oracle applications the data in the Oracle databases and Oracle applications, but data from other databases, cloud storage from any cloud, even data from your own custom applications. are accessible to AI models using the Oracle AI data platform.

Oracle AI 數據平台可讓您的所有數據，包括 Oracle 資料庫和 Oracle 應用程式中的數據，以及來自其他資料庫、任何雲端平台的雲端存儲，甚至來自您自己的自訂應用程式的數據，都可供 AI 模型存取。

Using our AI data platform, you can unify all your data and reason on all of your data using the very latest AI models. This is the key to finally unlocking all the value in all your data. Very soon through the lens of AI you will be able to see everything happening in your business as it happens.

利用我們的人工智慧資料平台，您可以統一所有數據，並使用最新的人工智慧模型對所有數據進行推理。這是最終釋放所有數據價值的關鍵。不久之後，借助人工智慧技術，您將能夠即時看到企業中發生的一切。

Mike, over to you.

麥克，該你了。

Thanks, Larry. As Doug shared, the total revenue growth of 13% in constant dollars. I think it's worth noting that consecutive quarters now where total revenue growth has been in double digits. So a solid quarter and we see even better days ahead of us. So let me break down a few of the numbers a bit further, and I'll do so all in constant currency.

謝謝你，拉里。正如道格所說，以不變美元計算，總收入成長了 13%。值得注意的是，目前已連續幾季總營收成長達到兩位數。所以，如果本季表現穩健，我們就能預見更美好的未來。那麼，讓我進一步分析其中的一些數字，所有數字都將以不變貨幣為單位進行計算。

Cloud applications revenue was up 11%, and that brings us to about a $16 billion annualized run rate. Within that, Fusion ERP up 17%. Fusion SCM, up 18%. Fusion HCM, up 14%. NetSuite grew by 13%. Fusion CX is up 12%. And in our industry cloud, specifically hospitality, construction, retail, banking, restaurants, local governments and communications, all combined were up 21% in the quarter. So big growth rates on a big base.

雲端應用營收成長了 11%，年化運作率達到約 160 億美元。其中，Fusion ERP 成長了 17%。Fusion SCM，上漲 18%。融合性肥厚型心肌病變，上升 14%。NetSuite 成長了 13%。Fusion CX 上漲 12%。在我們的行業雲中，特別是飯店、建築、零售、銀行、餐飲、地方政府和通訊等行業，本季合計成長了 21%。因此，在龐大的基數上實現了高成長率。

In our healthcare business, we now have 274 customers live in production on our clinical AI agent, and that number continues to rise daily. Also in healthcare, our brand-new Ali-based ambulatory EHR is generally available and that has received US regulatory approval. And finally, in health care, in Q3, we expect both our bookings and our revenue to accelerate materially.

在我們的醫療保健業務中，目前已有 274 位客戶在生產環境中使用我們的臨床 AI 代理，而且這個數字每天都在持續成長。此外，在醫療保健領域，我們全新的基於 Ali 的門診 EHR 系統已全面上市，並已獲得美國監管部門的批准。最後，在醫療保健領域，我們預計第三季預訂量和收入都將大幅成長。

So overall, Cloud apps were up 11% on a bigger base. This is very meaningful because we see this business as continuing to accelerate going forward. We achieved this growth while we also undertook a major sales force reorg in many regions throughout the world. And this is something we've been talking about for many years, and that is the synergies between our back-office applications and our industry applications.

因此，總體而言，雲端應用在更大的基數上成長了 11%。這意義重大，因為我們預期這項業務未來將繼續加速發展。我們在實現這一成長的同時，也在世界許多地區進行了大規模的銷售團隊重組。這是我們多年來一直在討論的問題，那就是我們的後台應用程式和行業應用程式之間的協同作用。

We're seeing more and more deals where our industry apps are pulling fusion or the fusion apps or pulling the industry apps. And as a result of seeing more and more deals, we're also seeing larger deals with more components.

我們看到越來越多的交易中，我們的行業應用程式正在調用 Fusion 應用程序，或者調用 Fusion 應用程序，或者調用行業應用程式。隨著交易數量的不斷增加，我們也看到交易規模越來越大，涉及的組成部分也越來越多。

So recently, we combined our industry application sales team and our Fusion sales teams into a single selling organization. This enables our sellers to have more strategic One Oracle conversations with our customers to sell higher and to sell more. And then when you think about our very large installed base of on-premise application customers, these strategic conversations are driving upgrades.

因此，最近我們將產業應用銷售團隊和 Fusion 銷售團隊合併為一個銷售組織。這使我們的銷售人員能夠與客戶進行更具策略性的「一個Oracle」對話，從而提高銷售額並增加銷售量。再想想我們龐大的本地部署應用程式客戶群，這些策略對話正在推動升級。

And you've heard us say before, just moving a customer to the cloud results in a 3 to 5 times annual revenue lift compared to support revenue. Now on top of all of that, top of the sales force, the One Oracle go-to-market water go-to-market motions, the industry suites think about combining our AI data platform with this unmatched suite of applications.

我們之前也說過，將客戶遷移到雲端，就能帶來比支援收入高出 3 到 5 倍的年收入成長。現在，除了所有這些之外，銷售團隊的高層，以及 Oracle 的市場推廣策略和行業套件，都在考慮將我們的 AI 數據平台與這套無與倫比的應用程式套件相結合。

This creates an incredibly unique opportunity for our customers to gain value very quickly from enterprise-grade AI. The combination allows customers to unite the industry-leading foundational models with company-specific proprietary data, as Larry mentioned, much of which comes from the Oracle applications.

這為我們的客戶創造了一個極其獨特的機會，讓他們能夠從企業級人工智慧中快速獲得價值。正如 Larry 所提到的，這種組合使客戶能夠將行業領先的基礎模型與公司特定的專有數據結合起來，其中大部分數據來自 Oracle 應用程式。

And of course, the AIA data platform also ties in non-Oracle applications, competitive data sources like MongoDB or snowlink, object stores, and even complete bespoke unstructured data. So we think this allows our customers to very easily build enterprise, AI agents and applications that leverage built in, not bolted on, but built in AI to transform their business.

當然，AIA 資料平台還可以整合非 Oracle 應用程式、MongoDB 或 Snowlink 等競爭資料來源、物件存儲，甚至完全客製化的非結構化資料。因此，我們認為這使我們的客戶能夠非常輕鬆地建立企業級 AI 代理和應用程序，利用內建的（而不是附加的）AI 來改變他們的業務。

So just to repeat, AI, of course, is a great CI play, but it's also a broader software play for Oracle. It's driving growth in our applications, in our database businesses as well.

所以再重申一遍，人工智慧當然是 Oracle 的重要競爭優勢，但它也是 Oracle 更廣泛的軟體策略。它正在推動我們的應用程式和資料庫業務的成長。

Let me highlight a few key wins. In communications, the communications industry, digital and Bridge Holdings, selected ERP and SCM at the hot Salom Telecom SCM.

讓我重點介紹幾個關鍵的勝利。在通訊領域，通訊業、數位和 Bridge Holdings 在熱門的 Salom Telecom SCM 中選擇了 ERP 和 SCM。

Motor oil solutions, ERP, SCM and CX. Team Brazil, who is the country of Brazil is 5G leader just signed a new five-year expansion to accelerate AI adoption and to transform customer experience at scale, all built on OCI. This actually -- this five-year deal was an expansion or extension of a partnership that began with Tim Brazil's full data center migration to OCI back in 2021.

機油解決方案、ERP、SCM 和 CX。巴西團隊（巴西是 5G 領域的領導者）剛剛簽署了一項新的五年擴展協議，旨在加速人工智慧的普及應用，並大規模地改變客戶體驗，所有這些都建立在 OCI 之上。實際上，這項為期五年的協議是對一項合作關係的擴展或延伸，該合作關係始於 2021 年 Tim Brazil 將整個資料中心遷移到 OCI。

So they're now building AI agents that are powering real customer interactions, including the Conta agent which compares bills for customers across months and explains variations automatically already in the pilot, 18% faster issue resolution with the AI agents built on OCI. -- expecting even further improvements as the rollout continues.

因此，他們現在正在建立能夠支援真實客戶互動的AI代理，包括Conta代理，該代理可以比較客戶不同月份的帳單，並在試點階段自動解釋帳單差異；基於OCI建立的AI代理使問題解決速度提高了18%——隨著推廣的繼續，預計還會有進一步的改進。

They've got 24 projects in motion, seven of them are already in production. It's just a matter of months, six more launching soon all enabled by a multi-cloud architecture with Oracle as a key AI infrastructure partner. Already as a result of this initial rollout, customer satisfaction is up 16%, and call center flows are managing end-to-end with 90% accuracy, resulting in 30% faster services times for customers and a 15% fewer network failure interventions, all using predictive analytics and again, AI copilots still and OCI.

他們目前有 24 個項目正在進行中，其中 7 個已經投入生產。這只是幾個月的時間，另外六個專案即將上線，所有這些都得益於以 Oracle 為關鍵人工智慧基礎架構合作夥伴的多雲架構。由於此初步推廣，客戶滿意度已提升 16%，呼叫中心流程的端到端管理準確率達到 90%，從而使客戶服務時間縮短 30%，網絡故障幹預減少 15%，所有這些都得益於預測分析、AI 輔助駕駛以及 OCI 的支持。

So we are the AI engine for Tim Brazil to enable personalization at national scale. In Financial Services, CoreCivic selected ERP, SCM and HCM. And Prime Life Technologies, ERP, Jewelers Mutual Insurance, ERP. In public sector, City of Costa Mesa, ERP, SCM, HCM, the United States Space Force, ERP and HCM and the city of Santa Ana, ERP, SCM and HCM.

因此，我們是 Tim Brazil 的人工智慧引擎，以實現全國範圍內的個人化服務。在金融服務領域，CoreCivic 選擇了 ERP、SCM 和 HCM。還有 Prime Life Technologies、ERP、Jewelers Mutual Insurance、ERP。在公共部門，科斯塔梅薩市、ERP、SCM、HCM，美國太空部隊、ERP 和 HCM，以及聖塔安娜市、ERP、SCM 和 HCM。

In the high-tech industry, SolarEdge Technologies, ERP and SCM, Zscaler, ERP, Dropbox, ERP and SEM. I could go on and on about these wins, but I think it gives you the flavor of just a sheer amount of multi-pillar wins and why it's so important that we have so many different options for customers and back office, front office.

在高科技產業，SolarEdge Technologies 提供 ERP 和 SCM 解決方案，Zscaler 提供 ERP 解決方案，Dropbox 提供 ERP 和 SEM 解決方案。我可以繼續講述這些勝利，但我認為這足以讓你體會到我們在多個方面取得的勝利有多麼重要，以及為什麼我們為客戶、後台和前台提供如此多的不同選擇是如此重要。

In terms of go-lives, we had 330 cloud apps customer go-lives this quarter. That's multiple go-lives per day. Virgin Atlantic Airways went live in September on Fusion ERP and HCM and payroll. Broadridge just recently relaunched our Fusion ERP and EPM go-live. LifePoint Health just went live on their third wave of Fusion ERP, and HCM and Saudi Telecom is live on Fusion SCM, with ERP and HCM to follow soon. DocuSign is now live on Fusion data intelligence.

本季度，我們在雲端應用上線方面共有 330 個客戶成功上線。那相當於每天多次上線。維珍航空於 9 月正式啟用 Fusion ERP、HCM 和薪資管理系統。Broadridge 最近重新啟動了我們的 Fusion ERP 和 EPM 系統上線。LifePoint Health 剛剛上線了第三批 Fusion ERP 系統，HCM 和 Saudi Telecom 已上線 Fusion SCM 系統，ERP 和 HCM 系統也將很快上線。DocuSign現已上線Fusion資料智慧平台。

Again, I could go on about the go lives with 330 of them in the quarter. Gives you a flavor of some of the really important go-lives that we had recently. The cloud application deferred revenue is up 14%. That is higher than the Cloud revenue growth of 11%, just to reinforce my earlier statements that we expect continued apps growth acceleration.

我還可以繼續說下去，關於本季有 330 個項目上線的情況。讓您了解我們最近一些非常重要的上線項目。雲端應用遞延收入成長14%。這高於雲端收入成長11%，這正好印證了我之前的說法，即我們預期應用程式的成長將繼續加速。

So a solid quarter across the board. We're on the back end of a sales reorg that was focused on unified selling across our applications portfolio. We're seeing a clear AI halo effect for our cloud applications, which is driving upgrades, our AI data platform, combined with our applications is an absolute conversation changer, and it brings the Oracle database and all of our applications into the center of the modern agentic enterprise.

所以，各方面都表現穩健。我們正處於銷售重組的後期階段，此次重組的重點是統一銷售我們所有應用產品組合中的產品。我們看到，人工智慧對我們的雲端應用產生了明顯的“光環效應”，這推動了升級。我們的人工智慧資料平台與我們的應用相結合，徹底改變了對話，並將 Oracle 資料庫和我們所有的應用置於現代智慧企業的核心。

Looking ahead, we're executing well on a big and growing pipeline, and I expect revenue and earnings growth to accelerate off an even larger base.

展望未來，我們正在穩步推進一個規模龐大且不斷成長的項目，我預計營收和利潤成長將基於更大的基數加速。

With that, Ken, I'll turn it back to you.

肯，那麼，我就把麥克風交還給你了。

Thank you, Mike. Chip, if you could please poll the audience for questions. .

謝謝你，麥克。Chip，請​​你向觀眾徵集一些問題。。

(Operator Instructions) Brad Zelnick, Deutsche Bank.

（操作員指示）布拉德·澤爾尼克，德意志銀行。

Congratulations in a particular shout out to Mahesh and the team for standing up a massive amount of capacity in this quarter. My question is for Clay or maybe Doug. Oracle is clearly the destination of choice for the most sophisticated AI customers, but this is a far more capital-intensive proposition unlike any business Oracle has ever been in before. Very specifically, how much money does Oracle need to raise to fund its AI growth plans ahead?

特別恭喜 Mahesh 和他的團隊，他們在本季實現了巨大的產能提升。我的問題想問克萊或道格。顯然，Oracle 是最先進的 AI 客戶的首選目的地，但這與 Oracle 以前涉足的任何業務相比，都是資本密集的事業。具體來說，Oracle 需要籌集多少資金來為其未來的 AI 成長計畫提供資金？

Thanks for the question, Brad. This is Clay. So look, I'll answer that question in two parts. First, let me give you kind of the reason why it's hard to answer that question exactly. So -- the thing I think that a lot of people don't understand is that we actually have a lot of different options for how we go about delivering this capacity to customers. There's obviously the way that people think about it, which is we buy all the hardware upfront.

謝謝你的提問，布拉德。這是克萊。好的，我會分兩部分來回答這個問題。首先，讓我解釋為什麼這個問題很難準確回答。所以——我認為很多人不明白的是，我們實際上有很多不同的方式可以向客戶提供這種能力。顯然，人們有一種想法，那就是我們預先購買所有硬體。

And as we -- as I talked about it in my financial analyst meeting, we don't actually incur any expenses for these large data centers until they're actually operational. So then it goes on to, well, how do you pay and what's the kind of cash flows look like for the stuff that goes into the data center.

正如我在財務分析師會議上談到的那樣，我們實際上只有在這些大型資料中心真正投入營運後才會產生任何費用。接下來，問題變成了：如何支付費用？資料中心投入的資金的現金流狀況如何？

Well, we have some other interesting models that we've been working on. One of them is that customers can actually bring their own chips. And in those models, Oracle obviously doesn't have to incur any capital expenditures upfront for that model.

我們還有一些其他有趣的模型正在研發中。其中一項規定是顧客可以自備薯片。在這些模式下，Oracle 顯然不需要預先投入任何資本支出。

Similarly, we have different models that we're working on with different vendors, where some vendors are actually very interested in the model where they rent their capacity rather than selling that capacity. And as you can imagine, that comes with different cash flow impacts that are favorable and reduce the overall borrowing needs and capital required for Oracle.

同樣，我們正在與不同的供應商合作開發不同的模式，其中一些供應商對出租容量而不是出售容量的模式非常感興趣。正如你所想，這將帶來不同的現金流影響，這些影響是有利的，並會減少 Oracle 的整體借款需求和所需資本。

So as you can imagine, as we look at all of these kind of commitments, we will use a in a variety of those such that we minimize the overall cost of capital. as well as, in certain cases, we'll be raising our own funds. As part of that, I think it's important that everyone understand that we're committed to maintaining our investment-grade debt rating. So now to give you some more specifics.

所以正如您所想，在審視所有這些承諾時，我們將採用各種方法來最大限度地降低總資本成本。此外，在某些情況下，我們也會籌集自己的資金。為此，我認為重要的是讓每個人都明白，我們致力於維持我們的投資等級債務評級。現在我來提供一些更具體的資訊。

What I would say is we've been reading a lot of analyst reports, and we've read quite a few that show an expectation of upwards of $100 million for Oracle to go out and kind of complete these build-outs. And based on what we see right now, we expect we will need less, if not substantially less money raised than that amount to go and fund this build out. So hopefully, that helps answer your question, Brad.

我想說的是，我們一直在閱讀大量的分析師報告，其中不少報告顯示，甲骨文公司預計將投入超過 1 億美元來完成這些建設項目。根據我們目前所看到的，我們預計，即使不能籌集到巨額資金，我們也需要籌集比這個數額更少的資金來完成這項建設。希望這能解答你的疑問，布拉德。

Ben Reitzes, Melius Research.

本‧雷茨，梅利烏斯研究公司。

Appreciate it. Good to speak with you. In light of the answer to that question, the path for OCI margins seems very important to improving the EBITDA and cash flow. So at the Analyst Meeting, you said margins for AI workloads for OCI would be in the 30% to 40% range over the life of a customer contract.

謝謝。很高興和你交談。鑑於該問題的答案，OCI 利潤率的提升對於改善 EBITDA 和現金流似乎非常重要。所以在分析師會議上，您曾表示，在客戶合約的整個生命週期內，OCI 的 AI 工作負載的利潤率將在 30% 到 40% 的範圍內。

I guess my question is how long will it take your AI margins across all your OCI data centers to ramp to that level? And what needs to happen to get there?

我想問的是，你們所有 OCI 資料中心的 AI 利潤率需要多久才能達到那個水準？那麼，要實現這一目標需要發生什麼事呢？

Yes. Thanks for the question, Ben. Look, the answer is it really depends. So the good thing is that as I mentioned earlier, we don't actually incur any expenses for the data centers until they're actually built up and running. And then we highly optimized the process by which we actually put capacity in and then are able to hand that over to customers, which means that the period of time where we're incurring expenses without that kind of revenue and the gross margin profile that we talked about is really on the order of a couple of months.

是的。謝謝你的提問，本。其實答案是，這真的要看情況。所以好處是，正如我之前提到的，在資料中心真正建成並運行之前，我們實際上不會產生任何費用。然後，我們高度優化了實際投入產能並將其交付給客戶的流程，這意味著，我們承擔費用但沒有收入和毛利率的時期（我們之前討論過的時期）實際上只有幾個月左右。

So in that scenario, that time period is not material. So a couple of months is not a long time. The -- what actually matters much more is the overall mix of the data centers that we have online, right, and how they're growing compared to the total amount that we're scaling across the world. And so I think as we go through this buildup phase, right now, we're in a phase of very rapid build-out without the majority of the capacity online, obviously, the aggregate mix is going to be lower.

所以，在這種情況下，那段時間並不重要。所以幾個月的時間不算長。真正重要的是我們線上資料中心的整體組成，以及它們與我們在全球範圍內擴展的資料中心總數相比的增長情況。因此，我認為隨著我們進入建設階段，目前我們正處於快速建設階段，但大部分產能尚未上線，顯然，總產能組合將會降低。

But as we actually get the majority of this capacity online, and that's really our focus, the best way to improve margins quickly is to actually go out and deliver capacity faster. That ends up very rapidly ensuring that we get to that 30% to 40% gross margin profile for all AI data centers.

但隨著我們大部分產能真正上線（這才是我們真正的重點），快速提高利潤率的最佳方法就是更快地交付產能。這樣就能很快確保所有 AI 資料中心的毛利率達到 30% 到 40%。

Tyler Radke, Citi.

泰勒‧拉德克，花旗集團。

And this question is for Larry or Clay. So Oracle has clearly established itself as a leading provider for AI infrastructure to AI labs and in some cases, enterprise clients. How are you thinking about the opportunity to sell additional platform services such as database, middleware, other pieces of the portfolio similar to how we saw cloud providers add that on at the early days of the public cloud space?

這個問題是問拉里或克萊的。因此，Oracle 已明確確立了其作為人工智慧實驗室乃至某些情況下企業客戶人工智慧基礎設施領先供應商的地位。您如何看待銷售資料庫、中間件等其他平台服務的機會，就像我們在公有雲領域早期看到雲端提供者增加這些服務一樣？

And what might be some of the similarities or differences that you see with the emerging AI platform as a service market versus the traditional cloud platform as a service market?

那麼，您認為新興的人工智慧平台即服務市場與傳統的雲端平台即服務市場有哪些相似之處或不同之處呢？

Well, let me start with traditional cloud and traditional Oracle database. So I think the biggest change we've made there was to make our database available in everyone's cloud. So you can buy the world database at Google or Amazon. It's available at Microsoft Azure as well as OCI. So that was the most -- maybe that was the first move we made. We call it multi-cloud, and we actually embed OCI data centers within the other clouds.

好，我先從傳統的雲端運算和傳統的Oracle資料庫說起。所以我認為我們做出的最大改變就是讓我們的資料庫可以在每個人的雲端存取。所以你可以在谷歌或亞馬遜上購買世界資料庫。它在 Microsoft Azure 和 OCI 上均可使用。所以，那或許是我們採取的第一步。我們稱之為多雲，實際上是將 OCI 資料中心嵌入其他雲端。

So they get the latest, greatest version of the Oracle Database. Second thing we did is we actually converted the Oracle database or added capabilities to the Oracle Database. -- to allow you to vectorize all of your data. So it's a vector database.

這樣他們就能獲得最新、最好的Oracle資料庫版本。我們做的第二件事是實際轉換了Oracle資料庫，或者說為Oracle資料庫添加了功能——以便您可以向量化所有資料。所以它是一個向量資料庫。

Some people call that an AI database. So it's designed to make data available to models. You can then -- once you vectorize your data, you can place AI models on top of that. and the AI models can understand what's in the database and reason with the data that's in the database. So we think that combination of making our -- the data available on our database also accessible by AI models dramatically increases the value of the data.

有些人稱之為人工智慧資料庫。所以它的設計目的是讓模型能夠取得資料。然後，一旦你將資料向量化，就可以在其上部署人工智慧模型。人工智慧模型就能理解資料庫中的內容，並對資料庫中的資料進行推理。因此，我們認為，將我們資料庫中可用的數據也提供給人工智慧模型訪問，可以極大地提高數據的價值。

We think that's very -- so far, none of the other large-scale databases have been able to do that. We can do that not only we can do that and keep your data secure. That's 1 of the bigger issues. We have to scale it, keep everything reliable, keep it secure -- and we actually had all of those capabilities and features to the Oracle database.

我們認為這非常——到目前為止，其他任何大型資料庫都無法做到這一點。我們不僅可以做到這一點，還能確保您的資料安全。這是比較大的問題之一。我們必須擴展它，保持一切可靠，保持安全——而Oracle資料庫實際上具備所有這些能力和特性。

So that was step two. First, multi-cloud, second vectorize all the data and make it accessible by all of the popular AI models. Third step. Well, it's great that we're making the Oracle data, Oracle database data available to these AI models. The companies actually have data that's not stored in an Oracle database is not stored in an Oracle application.

這就是第二步。首先，實現多雲；其次，將所有資料矢量化，使其可被所有流行的 AI 模型存取。第三步。很高興我們能夠將 Oracle 數據，也就是 Oracle 資料庫數據提供給這些人工智慧模型。這些公司實際上擁有一些數據，這些數據既沒有儲存在 Oracle 資料庫中，也沒有儲存在 Oracle 應用程式中。

So we built an AI lake house, we call the AI data platform that actually points to and vectorizes all of your data, whether it's in an object store in different clouds, whether it's a bespoke application whether it's in another database. It really will take the universe of your data, that catalog that data, vectorize it and allow an LLM to do multi-step reasoning on all of that data.

因此，我們建立了一個 AI 湖畔小屋，我們稱之為 AI 數據平台，它實際上指向並向量化您的所有數據，無論這些數據位於不同雲端中的物件儲存中，還是位於客製化應用程式中，亦或位於其他資料庫中。它確實會獲取你的所有數據，對這些數據進行編目，將其矢量化，並允許 LLM 對所有這些數據進行多步驟推理。

Now the thing that's really remarkable about that is, think about asking one query, asking one question. And the model looks at all of your data. Normally, when you ask a question, you have to direct it to this database or this application.

現在真正令人驚嘆的是，想想看，你只需要提一個問題，一個查詢。該模型會分析你的所有數據。通常情況下，當你提出問題時，你需要將其指向這個資料庫或這個應用程式。

You can't say, look, I'd just like to know who's next customer I should be selling to. I'm a salesperson in territory. I'm looking -- I want to look at all the accounts in my territory. And I want to see who's the best prospect in my territory. Well, that means looking at contractual data, means looking at publicly available data. That means looking at our sales system, at our support system, all of these separate systems.

你不能說：“聽著，我只想知道我的下一個客戶應該是誰。”我是一名區域銷售員。我正在查看——我想查看我轄區內的所有帳戶。我想看看我所在區域最有前途的人是誰。這意味著要查看合約數據，也就是查看公開數據。這意味著要審視我們的銷售系統、我們的支援系統以及所有這些獨立的系統。

Well, suddenly, all of that data is unified. We take all of your data and unify it, so you can ask a single question and the AI models can find the answer to that question regardless of what data store is in. that's really a unique proposition, and we think that thing is going to turbocharge the use of our database and the use of our cloud dramatically.

突然之間，所有這些數據都統一了。我們會收集並整合您的所有數據，讓您只需提出一個問題，人工智慧模型就能找到答案，而無需考慮數據儲存在哪個資料庫中。這確實是一項獨特的優勢，我們認為它將極大地促進我們資料庫和雲端服務的使用。

Brent Thill, Jefferies & Company.

布倫特‧蒂爾，傑富瑞公司。

Question for Larry and Clay, on the fungibility of your infrastructure. What would you have to do the converted data center from one customer or another, such as if one of the larger customers was unable to pay?

請 Larry 和 Clay 回答一個關於你們基礎設施可互換性的問題。如果某個大客戶無力支付費用，您需要如何處理從某個客戶轉換過來的資料中心？

Yes. Thanks, Brent. So I think the first thing to understand is that what we deliver for our AI infrastructure is exactly the same cloud that we deliver for all of our customers. We made specific choices at the beginning of OCI around bare metal virtualization and the way in which we do things like secure wipe of hardware, et cetera.

是的。謝謝你，布倫特。所以我認為首先要明白的是，我們為人工智慧基礎設施提供的雲端服務與我們為所有客戶提供的雲端服務完全相同。在 OCI 的初期，我們對裸機虛擬化以及安全擦除硬體等操作方式做出了具體的選擇。

But the reason I bring that up take as an example, anyone right now with a credit card to show up and sign up for any one of those hundreds of regions that I talked about earlier, and you can spend up a bare metal computer and as quickly as a few minutes. And at the end of that, you can turn it off, and I will recycle that, and I can hand it to the customer in less than an hour.

但我之所以提起這件事，是因為它只是一個例子。現在任何人只要有一張信用卡，就可以去我之前提到的數百個地區中的任何一個註冊，然後你可以在短短幾分鐘內買一台裸機電腦。最後，您可以把它關掉，我會把它回收利用，不到一小時就能交給顧客。

And so when you ask the question of, well, how long does it take transfer capacity from one customer to another, it's on the order of hours. And what actually I think is kind of a corollary to that question is, well, how long does it take customers to adopt it.

所以，當你問，將產能從一個客戶轉移到另一個客戶需要多長時間時，答案是以小時為單位的。而我認為這個問題的一個必然結果是，客戶需要多長時間才能接受它。

And thankfully, we have a lot of experience getting more than 700 AI customers on our platform, including the vast majority of the large model providers already run on OCI and when we give them capacity, they typically spend that capacity up in the order of two to three days. And so when I think about how long does it take for me to take capacity and hand it to the customer, it is not a laborious process. It is not a unique process.

值得慶幸的是，我們在吸引 700 多個 AI 客戶使用我們的平台方面積累了豐富的經驗，其中包括絕大多數已經在 OCI 上運行的大型模型提供商，當我們為他們提供容量時，他們通常會在兩到三天內用完這些容量。所以，當我思考從我接收產能到將其交付給客戶需要多長時間時，這並不是一個費力的過程。這並非一個獨特的過程。

And something else I would say that I think a lot of people don't realize about our cloud is this is actually happening all the time. So we have lots of customers that might sign up for a few thousand of one type of GPU and then they'll come back and say, well, actually, I'd like to get even more capacity somewhere else?

還有一點我想說，我認為很多人沒有意識到，關於我們的雲，這種情況其實是無時無刻不在發生的。因此，我們有很多客戶可能會訂購數千個某種類型的 GPU，然後他們會回來表示，實際上，我還想在其他地方獲得更多容量？

Well, you take this back. And we do that all day every day, and we're constantly moving customers around and adding aggregate net capacity. So we have the technology. We have a secure base for which to do that, and we also have a customer base of a lot of demand such that whenever we find ourselves with capacity that's not being used, it very quickly gets allocated and provisioned.

好吧，你把這句話收回去。我們每天都在做，不斷地調配客戶，增加總淨容量。我們已經擁有這項技術了。我們擁有安全可靠的基礎來做到這一點，而且我們還有龐大的客戶群，需求量很大，因此，每當我們發現有未使用的容量時，它都會很快被分配和配置。

Mark Moerdler, Sanford Bernstein.

馬克‧莫德勒，桑福德‧伯恩斯坦。

Congrats on the quarter. Doug, you gave some color earlier tonight that I'd like to dig in on. Clay presented a slide at the Financial Analyst Meeting, where he showed the revenue and expenses for a single data center. Doug and Clay, can you talk about the cash flow for that same data center, starting with the commitment for the data center and then the hardware and how that flows into becoming cash flow positive?

恭喜你本季取得佳績。道格，你今晚早些時候提供的一些資訊我很想深入探討。Clay 在財務分析師會議上展示了一張幻燈片，其中顯示了單一資料中心的收入和支出。Doug 和 Clay，你們能談談這個資料中心的現金流嗎？從資料中心的投資投入，到硬體購置，以及這些投入如何最終轉化為正現金流？

And then how that rolls up across multiple data centers? Any color would be really appreciated.

那麼，這又是如何匯總到多個資料中心的呢？任何顏色我都非常歡迎。

Sure. Happy to answer, Mark. So as we talked about earlier in this call, -- it starts with the actual data center itself and the power capacity along with it. And the way in which we structure that is that we incur no cash expenses until that's fully delivered and provisioned and fit for purpose. So then it really comes down to what does the cash flow look like for the capacity that's going inside the data center.

當然。樂意為您解答，馬克。正如我們之前在通話中討論的那樣，——這一切都始於資料中心本身及其電力容量。我們採取的安排方式是，在貨物完全交付、配備齊全並符合用途之前，我們不會產生任何現金支出。所以，關鍵在於資料中心新增容量的現金流量情況如何。

And as I talked about earlier, that really depends on kind of the business model and the financial model that we've used for procuring that. In some cases, customers actually want to bring their own hardware. In which case, we don't have any capital expense, and it's really around the data center itself, possibly some networking gear as well as human labor costs.

正如我之前提到的，這實際上取決於我們採購時所採用的商業模式和財務模式。在某些情況下，客戶實際上希望自備硬體。在這種情況下，我們沒有任何資本支出，支出主要集中在資料中心本身，可能還有一些網路設備以及人力成本。

We have other models where vendors want to rent that capacity in which case, those rent payments start when the capacity is provision for the customer. And so customer cash flow comes in, we're then taking that cash flow and pushing that out to all of the different suppliers.

我們還有其他模式，供應商希望租用該容量，在這種情況下，租金從為客戶提供容量時開始支付。因此，客戶的現金流流入後，我們將這筆現金流分配給所有不同的供應商。

And then obviously, you've got the model where Oracle takes its own cash, pays upfront for the hardware and then put the capacity in. That's obviously the most cash-intensive upfront and then there's depreciation schedule over the next several years. So it really depends on the exact business and financial model used for each of the data centers.

顯然，還有一種模式是 Oracle 使用自己的資金，預先支付硬體費用，然後投入容量。顯然，這是前期現金投入最大的方案，然後在接下來的幾年裡還有折舊費用。所以這實際上取決於每個資料中心所使用的特定業務和財務模式。

And then you ask, well, how do they layer together? Well, thankfully. They're not -- we don't need calculus for this one. Basic arithmetic is enough because they actually just layer on top of each other. So if you have a time schedule for one data center and a time schedule for a second data center, the cash flows add together.

然後你可能會問，它們是如何分層的呢？謝天謝地。不是的——這個問題不需要微積分。基本的算術運算就足夠了，因為它們實際上只是彼此疊加而已。因此，如果您有一個資料中心的時間表和一個資料中心的時間表，那麼它們的現金流就會加在一起。

And obviously, if a data center comes in sooner, you'll have the expenses as well as revenue coming in sooner if a data center moves out and the expenses and the revenue also move out.

顯然，如果資料中心提早入駐，那麼相應的支出和收入也會提早到來；如果資料中心搬走，那麼相應的支出和收入也會隨之搬走。

John DiFucci, Guggenheim Securities.

John DiFucci，古根漢證券。

Okay. I won't make you kiss my ring. It's actually John DiFucci. Anyway -- I'm sorry, listen, a lot of my questions on infrastructure. We've already been asked, and they're really important questions because that's a big part -- that's your big part of your growth. I have a question on the Applications business. Mike, you said applications are going to accelerate this year?

好的。我不會強迫你親吻我的戒指。其實是約翰·迪富奇。總之——抱歉，請聽我說，我有很多關於基礎設施的問題。我們已經被問過這些問題了，而且這些問題非常重要，因為這是成長過程中非常重要的一環。我有一個關於應用業務的問題。麥克，你說過今年的申請速度會加快？

Why the confidence in this business when all your large SaaS peers are seeing just the opposite where growth is decelerating, especially because we thought that something similar about Oracle's application business last year, we didn't really start to see it until the fourth quarter. We've heard some things in the field around One Oracle, your go-to-market motion where apps and infrastructure are more combined versus separate.

為什麼對這項業務充滿信心？要知道，所有大型 SaaS 同行都面臨著成長放緩的局面，尤其是去年我們對 Oracle 的應用業務也有類似的預期，但直到第四季才真正開始看到這種趨勢。我們從業內人士那裡聽到了一些關於 One Oracle 的消息，這是你們的市場推廣策略，旨在將應用程式和基礎設施更加融合而不是分離。

And you also talked about combining vertical and horizontal labs teams here. Is that it? Is it mostly go-to-market? Is there something more about the products or something else that we should be thinking about?

您還談到了將垂直實驗室團隊和水平實驗室團隊合併的問題。就這些嗎？主要是為了進入市場嗎？關於產品還有其他需要注意的地方嗎？或者有其他我們應該考慮的因素嗎？

Well, yes, thanks for the question, Jeff. First, I think it's a combination of things. But let me just start with what I think is happening in the industry. All of our competitors are largely in the best-of-breed business because they're not in the applications business in totality. They're not in the back office business. They're not in the industry business and they're not in everything in between.

嗯，謝謝你的提問，傑夫。首先，我認為這是多種因素共同作用的結果。但讓我先談談我對產業現狀的看法。我們所有的競爭對手大多從事同類最佳產品業務，因為他們並沒有全面涉足應用軟體業務。他們不做後台業務。他們既不從事工業相關業務，也不涉足其他所有領域。

They're not in the front of the house, the back of the house in the middle of the house, -- we are the only applications company in the world that's selling complete application suites. Then you add in baked in AI, the AI halo baked in AI right into regulatory applications. So we're over 400 AI features live infusion already.

它們不在房子的前面，不在房子的後面，也不在房子的中間——我們是世界上唯一一家銷售完整應用程式套件的應用程式公司。然後，你還要加入內建人工智慧，也就是將人工智慧直接整合到監管應用程式中的人工智慧光環。目前我們已經即時整合了超過 400 項人工智慧功能。

I mentioned 274 customers live on our clinical AI agent, the go-lives for these clinical AI agents, which are a new SaaS applications for us, are measured in a matter of weeks. So you're looking at an industry like health care, where it would take months or years to get anything done with that magnitude.

我提到過，目前有 274 位客戶在使用我們的臨床 AI 代理，這些臨床 AI 代理（對我們來說是全新的 SaaS 應用）的上線時間僅需幾週。所以你看到的是像醫療保健這樣的行業，要完成如此大規模的事情，可能需要數月甚至數年的時間。

And by the way, John, the customers are implementing these things all by themselves. They don't need us to help them. You just roll them out and they work. So we're in the applications industry suite business. We're building AI into our back-office applications, our front-of-clas -- and we are building applications that are also AI agents themselves.

順便說一句，約翰，這些都是客戶自己實施的。他們不需要我們的幫助。你只要把它們展開使用，它們就能正常運作。所以我們從事的是應用軟體套件業務。我們正在將人工智慧融入我們的後台應用程式、我們的前端應用程式——而且我們正在建立的應用程式本身也是人工智慧代理。

They are, in fact, IH. So that's why you see the growth rates in our industry applications of 21%. And in the quarter. Our Fusion ERP is up 17%. SCM up 18%, HCM up 14%; CX 12%. Again, all on a bigger base. Then I think the next piece of this is you're adding the AI data platform. So if you'd like an industry suite of applications, then you'd like to create your own AI agents. You like to create and unlock your own enterprise data on top of it all.

實際上，它們就是IH。所以這就是為什麼你會看到我們行業應用的成長率達到 21% 的原因。並且在本季。我們的 Fusion ERP 系統成長了 17%。SCM 成長 18%，HCM 成長 14%；CX 成長 12%。同樣，這一切都建立在更大的基礎上。我認為下一步是添加人工智慧數據平台。因此，如果您想要一套行業應用套件，那麼您就需要創建自己的 AI 代理程式。在此基礎上，您也喜歡建立和解鎖自己的企業資料。

We are the only -- all of those ingredients for a customer. And I think as you look at customers of spend on best of brew because the integration costs are so high, and it's hard to bolt AI on all that because you're actually not retiring anything in the process. We're in a very unique position.

我們是唯一一家——能夠滿足客戶所有需求的公司。我認為，當你觀察客戶在最佳釀造產品上的支出時，你會發現整合成本非常高，而且很難將人工智慧整合到所有這些產品中，因為在這個過程中你實際上並沒有淘汰任何東西。我們處境非常特殊。

And I think we're starting to see the numbers too, John, with the deferred revenue for apps growing at 14% now faster than the in-quarter revenue growth of 11%. For all those reasons, I'm optimistic on our apps business going forward. It's a continued growth engine for Oracle.

約翰，我認為我們也開始看到相關數據了，應用程式的遞延收入目前以 14% 的速度成長，比季度內收入成長 11% 的速度更快。基於以上種種原因，我對我們的應用程式業務未來發展持樂觀態度。它是Oracle持續成長的引擎。

As you were talking, you sort of clarified in my mind, when I think of an Oracle, I used to think -- I thought of it when I started to hear about it as a go-to-market motion, but it's more than that. It's actually -- it's a product thing, too. It's everything.

你剛才的演講讓我豁然開朗，以前我想到 Oracle 的時候，我會覺得它是一種市場推廣策略，但它的意義遠不止於此。實際上，這也是產品方面的問題。它包含了一切。

Thank you, John.

謝謝你，約翰。

A telephonic replay of this conference call will be available for 24 hours on our Investor Relations website. Thank you for joining us today. And with that, I'll now turn the call back to Tiffany for closing.

本次電話會議的錄音回放將在我公司投資者關係網站上保留 24 小時。感謝您今天蒞臨。好了，現在我把電話轉回給蒂芬妮，要她結束通話。

Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。